Payments has emerged as one of the key areas of disruption. The shift from physical to electronic payments has seen an ever-expanding range of payment methods replacing cash. From mobile banking and contactless cards to phone payments and bespoke apps, the payment landscape is undergoing a quiet revolution. The emergence of e-commerce and proximity payment and the increasing adoption of smartphones and high-speed mobile data network have further boosted the adoption of mobile payment. The global mobile payment market is expected to grow from US$926bn in 2018 to US$6882bn in 2026 at a CAGR of 29%.
In this context, Venture Insights conducted a survey in February 2020 (sample size 1,000 respondents) on the current usage of mobile banking and payment apps in New Zealand. In this report, we discuss the results of the survey and its implications for the payments ecosystem in New Zealand.
The way we pay – are mobile payments the future?
Key drivers of mobile payments
Popularity of payment apps
Demographic breakdown of payments app usage
Frequency of usage
List of charts/tables
Figure 1. Do you conduct internet banking (e.g., check accounts, transfer money) on your mobile phone? (overall and demographic breakdown by age)
Figure 2. Which payment app do you mainly use
Figure 3. Demographic breakdown of payments app usage – by age
Figure 4. Demographic breakdown of payments app usage – by income